I put a deposit passed ROFR but have not signed closing docs, something has come up and I am having second thoughts...is it too late? Do I lose my deposit?

Click to expand...

At a minimum, you will lose the deposit. It would be up to the seller, and maybe the broker, if they want to pursue additional legal action. You should reread your contract to see if there are penalties beyond the deposit.

By Florida law you have 10 days from the date you signed the original purchase documents (not the closing docs) to back out without any penalties. Since you have passed ROFR it has probably been more than 10 days since you signed the purchase agreement. If so, then you will most likely lose your deposit if you back out now.

The exception would be if the sellers drag their feet and do not get their closing docs in by the deadline specified in your contract. If that happens you can walk away from the deal and get your deposit back. All of this should be spelled out in your purchase contract documents so look through them very carefully so you know what you agreed to when you signed them.

Your only hope to keep get back the deposit is to ask nicely or look for a seller fault (I.e. they slow) as to why you don't want to continue.

However you should expect to loose the deposit.

NOTE: I backed out of a contract after sending deposit because the seller wanted to delay closing by 20 days because he had a trip planned on contract points that he did not mention in advance of listing. The points he was using were not said to be in sale. However I did not want to wait for him to take 1 more trip on points he could have gave me.

By Florida law you have 10 days from the date you signed the original purchase documents (not the closing docs) to back out without any penalties. Since you have passed ROFR it has probably been more than 10 days since you signed the purchase agreement. If so, then you will most likely lose your deposit if you back out now.

The exception would be if the sellers drag their feet and do not get their closing docs in by the deadline specified in your contract. If that happens you can walk away from the deal and get your deposit back. All of this should be spelled out in your purchase contract documents so look through them very carefully so you know what you agreed to when you signed them.

Click to expand...

Or 1 yr if the contract did not meet the required stipulations though it's likely that a contract from one used to working with DVC would be compliant.